Big banks make good bad guys — often deservedly so.
That includes Bank of America, the second-largest US bank by assets. It has had its fair share of run-ins with regulators, especially for bad behavior involving risky mortgage securities and home foreclosures that helped spark the Great Recession more than a decade ago.
But under chief executive Brian Moynihan, a veteran Boston banker, Bank of America has more recently cultivated a do-gooder reputation by financing sustainable energy initiatives, as well as economic development in communities of color. Last week, the company raised $2 billion to do just that by selling bonds to investors, bringing its total for such deals to nearly $10 billion, with most of that coming since 2018.
It’s part of a broader initiative at the North Carolina-based bank — and by many companies